2024 HR Calculation Recommendation: “Add” Opportunity For Growth, “Subtract” Stress
December 29, 2023
In the new year, which calculation does HR need to “jump up” to work with businesses to strengthen the human resources management strategy, ensuring recruitment goals are met, and retaining talented personnel”.
2023 ends with many changes in the human resources market. According to the General Statistics Office, in the first 11 months, an average of 14.400 businesses withdrew from the market each month. But the bright spot is that during the same period, the number of businesses resuming operations and newly established reached up to 18.300.
Data shows that, although businesses are facing many difficulties to sustain operations, development opportunities are always emphasized. The biggest challenge that both “rookie” and “veteran” businesses must address is how to maintain and strengthen a high-quality workforce to help businesses develop sustainably.
To solve the above challenge, HR and businesses can revert to 4 basics but effective “calculations”:
“Don’t go in, it’s very stressful in there” – has the business ever been labeled with a “red flag” by a former employee or, worse, a current employee in front of the candidate who is searching and considering joining the organization?
Last year, many businesses may have fallen into the above unfortunate situation. According to Gallup’s survey:
- 44% of employees surveyed reported that they were highly stressed for long periods of time.
- 59% of employees admitted to “quiet quitting”, with 18% loud quitting.
- 51% are considering quitting their job.
This is a warning for businesses to make more timely efforts to reduce stress and tension in the working environment as they are at risk of not only losing experienced employees but also being put on the “blacklist” of talented candidates. Therefore, “subtracting” stress should be the top priority for HR teams in 2024.
“ADD” opportunity for growth.
In the context where the proportion of employees who value “career development opportunities” and “purpose in work” has increased from 20% in 2022 to 35% in 2023, Ms. Tiêu Yến Trinh, CEO of Talentnet Corporation observes: “With high expectations for advancement opportunities, especially after the period of struggling to overcome stress and instability, employees will meet leaders in the mood of seeking new steps in their careers. Therefore, more than ever, managers need to ensure that employees have access to development opportunities with their contributions to the organization”.
“MULTIPLY” benefits for families and communities
At The Makeover organized by Talentnet, “Total Remuneration Survey Report and Asia-Pacific Talent and Rewards Trends” was unveiled, revealing numerous new and innovative policies that businesses in the region are applying.
Notably, policies promoting “social health”, meaning increasing employee’s connections with family and community, although it is still new, but it has garnered significant attention. Outstanding policies include providing resources to support the care of the elderly and children, participating in online groups to support the lonely or isolated, and connecting with volunteer opportunities. There are some suggestions for HR to enhance the current benefits system.
“DIVIDE” resources reasonably
In the current market, for every 6 open positions, there is only 1 suitable candidate. This means that no matter how much resources are invested, business may find it challenging to fill the vacant position through recruitment. Ms. Tiêu Yến Trinh said: “Businesses easily fall into the trap of filling the vacancy in the organization with title and position, while the right mindset is to find the right necessary skills. With this mindset, the business’s ability to operate will reduce its dependence on market availability”.
By performing appropriate “calculations” addition, subtraction, multiplication and division calculations, organizations can improve their management policies, creating a solid foundation for the human resources system as they head into the new year with many advantages.